Two cards from the same bank earn the same kind of points, but one costs eight times the other. In 2026 both changed, so older comparisons are out of date. This guide sets out what each offers today, what you actually need to use to justify the fee, and who should pick which.
What each card offers
- Ultimate Rewards
- Chase's points currency. Points can be moved between Chase cards, and some can be transferred to airline and hotel partners.
- Points Boost
- A redemption feature on Chase Travel that raises the value per point for some flights and hotels. It replaced the old fixed-value redemption.
- Product change
- Switching a card to another product at the same bank, without opening a new account.
- Pop-up jail
- USCCG's term for Chase weighing how many cards you have opened and closed when deciding bonus eligibility.
The redemption ceiling
Transferring points to partners is available with both cards, and USCCG estimates Chase points are worth about 1.6 cents on average. That means the Reserve's extra redemption headroom matters only if you choose Chase Travel over transfers.
The Preferred in 2026
Better categories
New in June 2026, 3x on gas and EV charging and on vacation homes at brands such as Airbnb and Vrbo, on top of 3x dining, streaming and online grocery.
A bigger hotel credit
The annual hotel credit rose from 50 to 100 dollars when booked through Chase Travel. USCCG notes this can offset the 95 dollar fee.
Two losses
The 10 percent anniversary bonus ended, and the Hyatt transfer ratio fell to 4 to 3.
The Reserve in 2026
The 795 dollar fee is high, and USCCG calls the card effectively a coupon book. The credits list is long, but they differ in how easy they are to use.
| Credit | Amount | Ease of use |
|---|---|---|
| Annual travel credit | 300 dollars | Easy, since most travel purchases count |
| The Edit hotel credit | 500 dollars (two of 250) | Only for certain hotels on Chase Travel |
| Exclusive Tables dining | 300 dollars | Only at participating restaurants |
| StubHub and viagogo | 300 dollars | Activation required, through 2027 |
| DoorDash | 420 dollars a year from October 2026 | Only if you already use the service |
| Lyft | 120 dollars | Monthly, through September 2027 |
| Peloton | 120 dollars | Activation required, through 2027 |
| Apple TV and Music | 288 dollars | Activate by June 2027 |
The net fee after the travel credit alone is 495 dollars. Every other credit reduces it only if you would have bought the thing anyway. Spending 75,000 dollars in a calendar year also unlocks a Southwest credit and elite statuses.
Choosing
Check eligibility first
Chase's 5/24 rule means five or more new accounts in 24 months leads to a decline. A Sapphire bonus also needs no other personal Sapphire and no prior bonus on the same card. See bonus eligibility and the lifetime rule.
Pick the Preferred if you want points at a low fee
It earns well on dining and travel, has transfer partners, and the hotel credit can offset the fee.
Pick the Reserve only if you will use the credits
Do the sum on the credits you would buy anyway. If they do not come close to the 795 dollars, the Preferred is likely the better fit.
If you hold the Preferred, upgrade later by product change
USCCG notes this can be a workaround for Hyatt transfers.
See also best US credit cards of 2026 by spending style and what points are worth.
Questions people ask
Can I hold both Sapphire cards?
Chase's rule is that a new Sapphire welcome bonus may not be available if you currently hold another personal Sapphire card, have held the same card before, or already received its bonus. The usual path is to hold one, and upgrade by product change later.
Do Chase points expire?
Per USCCG, they do not expire while the account is open. If you close a card, move the points to another Chase points card first or you lose them.
Is the Reserve worth 795 dollars?
For most people, only if you will reliably use the 300 dollar travel credit and several of the other credits for things you would buy anyway. USCCG's own view is that most people can consistently use only the travel credit.
Sources
Written from these pages and checked against them on October 6, 2026. Programs and rules change, so check the provider’s current terms before you decide.
General information, not financial, legal or travel advice. Your own card terms and the provider’s current rules always come first.